AVN 64.80 Increased By ▲ 0.63 (0.98%)
BAFL 30.90 Increased By ▲ 1.00 (3.34%)
BOP 4.73 Increased By ▲ 0.10 (2.16%)
CNERGY 3.87 Decreased By ▼ -0.02 (-0.51%)
DFML 13.44 Increased By ▲ 0.09 (0.67%)
DGKC 41.34 Increased By ▲ 0.49 (1.2%)
EPCL 46.23 Decreased By ▼ -0.77 (-1.64%)
FCCL 11.39 Increased By ▲ 0.39 (3.55%)
FFL 5.05 Decreased By ▼ -0.03 (-0.59%)
FLYNG 5.81 Increased By ▲ 0.04 (0.69%)
GGL 9.90 Increased By ▲ 0.15 (1.54%)
HUBC 64.06 Increased By ▲ 2.11 (3.41%)
HUMNL 5.67 Increased By ▲ 0.02 (0.35%)
KAPCO 27.83 Increased By ▲ 0.25 (0.91%)
KEL 2.13 Decreased By ▼ -0.02 (-0.93%)
LOTCHEM 24.35 Increased By ▲ 0.05 (0.21%)
MLCF 21.36 Increased By ▲ 0.64 (3.09%)
NETSOL 84.43 Increased By ▲ 1.33 (1.6%)
OGDC 87.80 Increased By ▲ 1.75 (2.03%)
PAEL 10.92 Increased By ▲ 0.12 (1.11%)
PIBTL 4.17 Increased By ▲ 0.03 (0.72%)
PPL 77.53 Increased By ▲ 1.34 (1.76%)
PRL 13.65 Decreased By ▼ -0.01 (-0.07%)
SILK 0.88 Decreased By ▼ -0.01 (-1.12%)
SNGP 41.75 Increased By ▲ 1.00 (2.45%)
TELE 5.89 Increased By ▲ 0.01 (0.17%)
TPLP 15.81 Increased By ▲ 0.16 (1.02%)
TRG 112.65 Increased By ▲ 2.55 (2.32%)
UNITY 13.97 Increased By ▲ 0.22 (1.6%)
WTL 1.14 Decreased By ▼ -0.01 (-0.87%)
BR100 4,048 Increased By 80.6 (2.03%)
BR30 14,467 Increased By 282.1 (1.99%)
KSE100 40,673 Increased By 801.8 (2.01%)
KSE30 15,190 Increased By 292.7 (1.96%)
Follow us

KUALA LUMPUR: Malaysian palm oil futures ended the week 7% higher on Friday as the arrival of the monsoon season stoked production worries, although gains were capped by sluggish October exports.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange rose 4 ringgit, or 0.1%, to 4,100 ringgit ($865.71) a tonne.

Storms and a high risk of flooding during the year-end monsoon season, which typically lasts between October and January, are likely to disrupt harvesting activities and hurt production in the world’s second-largest palm producer.

The market is supported by expectations of a drop in production and a weak ringgit, while poor exports and weekend profit-taking would limit the upside, a Kuala Lumpur-based trader said.

Exports of Malaysian palm oil products for Oct. 1-20 fell between 4.3% and 8.4% from the same week in September, according to two cargo surveyors. Another firm, AmSpec Agri Malaysia, estimated exports rose 3.3%.

Palm snaps four-day rally, global supply worries cap losses

Palm oil prices are likely to strengthen further as excessive rain in key producing countries Indonesia and Malaysia curbs output, while demand increases for its use in food and biofuels, industry officials said.

In related oils, Dalian’s most active soyoil contract edged 0.1% higher, while its palm oil contract fell 0.2%. Soyoil prices on the Chicago Board of Trade were down 0.5%.

Talks on extending a July deal that resumed Ukraine Black Sea grain and fertilizer exports are not making much progress because Russian concerns are not being taken into proper account, Russia’s U.N. ambassador in Geneva said on Thursday.

Malaysia’s financial markets will be closed on Monday for the Diwali festival.

Comments

Comments are closed.

Palm records 7% weekly rise as monsoon prompts output fears

Dar meets IMF review mission, apprises it of planned power sector reforms

After 29 successive losses, rupee sees some gain, settles at 267.89 against US dollar

US Fed starts policy meeting with smaller rate hike likely

We must put our house in order, says Asif after Peshawar mosque bombing

Corps commanders resolve to bring perpetrators of Peshawar attack to ‘exemplary justice’

Inflationary pressure expected to calm down gradually: Finance Division

KSE-100 jumps 800 points owing to optimism over IMF talks

Pakistan’s performance worsens, rank remains same in corruption perception index

Barrick Gold makes first payment of $3mn to Balochistan govt

India’s Adani says to keep investing in Israel after Haifa port takeover